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00:02Chevron is targeting a sharp increase in Venezuela oil production
00:06while focusing on higher free cash flow from its U.S. shale operations, according to Benzinga.
00:12The company currently produces about 280,000 barrels per day in Venezuela
00:17and expects output to reach 600,000 barrels per day around 2031.
00:23Chevron plans about $7 billion in gross investment over five years
00:28and expects to more than double its rig count.
00:31CFO Emer Bonner said plateau production could reach 600,000 to 700,000 barrels per day
00:37with total costs below $20 per barrel.
00:41Chevron is also cutting capital intensity in the Permian Basin,
00:44pursuing additional savings following its Hess acquisition
00:48and exploring growth opportunities in Iraq.
00:51For all things money, visit Benzinga.com.
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